Sabah & Sarawak

Sarawak needs more investment to spur growth, development

Sarawak needs more investment, particularly Foreign Direct Investment (FDI) to spur its growth and development, the State assembly was told on Monday. State Industrial Development, Entrepreneurs, Trade and Investment Minister Datuk Amar Awang Tengah Ali Hasan said as at August this year, the Malaysian Investment Development Authority (MIDA) approved 12 projects amounted to RM2.3 billion for Sarawak. Of the amount, the FDI amounted to RM1.6 billion, while the domestic direct investment totalled RM760 million, he said when winding up debate for his ministry.

BLD Plantation posts strong results for 3Q16

BLD Plantation Bhd (BLD Plantation) registered a set of impressive financial results for the third quarter of 2016 (3Q16) ending September 2016 compared with the previous quarter.

The plantation company in a filing to Bursa Malaysia said 3Q16 net profit soared by 293 per cent year-on-year to RM4.86 million from RM1.24 million recorded in 3Q15

Vivocom’s 9MFY16 earnings slightly below expectation

Vivocom International Holdings Bhd’s ( Vivocom) first nine months of financial year 2016 (9MFY16) earnings came in slightly below analysts’ expectations, which led trimmed estimates towards a more defensive stance.

According to its filing on Bursa Malaysia, Vivocom’s profit after tax to date ended September 30, 2016 amounted to RM64.62 million, compared with the preceding year’s corresponding period of RM6.21 million.

CMS makes a comeback, smoother path ahead

Cahya Mata Sarawak Bhd (CMS) recorded a decent third quarter of 2016 (3Q16) despite the temporary setback earlier this year and analysts believe the group will see a smoother path ahead. RHB Research Sdn Bhd (RHB Research) said the kitchen sinking exercise from the close of its hedging position at OM Materials Sarawak Sdn Bhd (OMS) helped to turn associates earnings back into the black.

RAM Ratings reaffirms Sabah Ports’ AA3 issue rating

RAM Ratings has reaffirmed the AA3/stable rating of Sabah Ports Sdn Bhd’s (Sabah Ports) RM80 million Bai’ Bithaman Ajil Debt Securities (2007/2017) (BaIDS), premised on the Company’s critical position as Sabah’s main port operator as well as its stable debt-servicing ability. In line with the rating agency’s expectation, current weak economic conditions had resulted in Sabah Ports handling lower cargo and container throughput at wharves, which had eroded its top line by 4.5 per cent year on year.